HEINZ Company (Ireland) Ltd has reported an 88% increase in pre-tax profits for 2024.
Most of this has been driven by strong sales of its tomato ketchup and a strategic focus on marketing and pricing.
The company’s latest accounts reveal pre-tax earnings of €10 million, up from €5 million in 2023, as total revenue rose by 7% to €62 million.
The Ireland-based unit of the global food giant credited its performance to investments in promotional activity, price optimisation and expanded distribution in sauces and canned goods.
“Our growth was driven by strategic investment in pricing and marketing, which delivered strong volume gains in sauces within the retail channel,” the company’s directors stated.
A lot of growth was also seen in oriental and pasta sauces, especially in Northern Ireland's "Away From Home" sector.
This channel continued to expand, led by ketchup, beans, and sauces, though growth was more moderate than in previous years.
Mayonnaise, in contrast, saw a decline.
Operating profit jumped by 80% year-on-year, rising from €4.9 million to €8.9 million.
This was further supported by more than double the interest income received (€1.2 million), helping push pre-tax profits to €10.19 million.
Staffing levels also rose from 17 to 24 employees, while surprisingly overall staff costs dropped from €3.76 million to €3 million.
Directors’ remuneration totalled €622,000, comprising €583,000 in emoluments and €39,000 in pension contributions.
Looking ahead to 2025, Heinz Ireland plans to continue growing its net sales by use of strategic pricing and increasing volume.
Pasta sauces and other emerging segments are viewed by the company as the best avenues for growth.
“We anticipate growth through continued investment in innovation, pricing, and whitespace opportunities in the Away From Home channel,” directors added.
“Ketchup, beans, mayonnaise and soup remain our primary growth engines.”
See More: Heinz, Heinz Tomato Ketchup
